WHAT:
The Subcommittee on Energy, chaired by Rep. Fred Upton (R-MI), held a hearing today on the benefits of American oil and gas development, and the associated jobs, economic development, energy security advantages, and geopolitical impacts.
WHY:
“Today, we are holding this hearing to take a closer look at how the United States’ growing role as a global energy leader is benefiting consumers and enhancing the nation’s standing on the geopolitical world stage," said #SubEnergy Chairman Upton.
“It’s interesting to reflect on the last thirty years, and especially the last decade, to truly appreciate how our energy security situation has improved," said Full Committee Chairman Greg Walden. “By almost every measure, we’re more energy secure today than ever before."
WHO:
* Dennis Arriola, Chief Strategy Officer, Sempra (Opening Statement )
* Harold Hamm, CEO, Continental Resources (Opening Statement )
* Kevin Kennedy, Deputy Director, U.S. Climate Initiative, World Resources Institute (Opening Statement )
* Daniel Yergin, Vice Chairman, IHS Markit (Opening Statement )
KEY MOMENTS:
“What it’s meant is lower costs for electricity, lower costs for heating - and it’s also because of the impact on this economy, as I mentioned in my written testimony, we’ve added about $120 billion of new investment directly in manufacturing and maybe about the same amount as ancillaries, so it’s created a lot of jobs. It’s really been beneficial across the board." - Dr. Daniel Yergin on the importance of domestic energy production and the benefits to consumers
“Russia’s a gas station masquerading as a country, but they’re providing that natural gas to Europe and they use their levers of influence of turning that spigot on and off to affect policy not only in Eastern Europe, but in Western Europe. And as those pipelines continue to be built and provide that natural gas, Western Europe’s looking West to the United States - a stable energy producer, an ally and a friend - to provide LNG. So they can meet their energy needs and lessen their dependence not on the middle East for energy, but lessen their dependence on Russia and Russian gas and more strong dependence on possibly, hopefully American LNG exports to provide that energy." - Rep. Jeff Duncan (R-SC)
“We talked to customers outside of the United States - they’re looking for options. They’re looking for options away from Russia and other countries, and they want the United States to be one of those options." - Mr. Dennis Arriola
“The ban on exports of crude oil was lifted in 2015 and we are now on pace to become a net energy exporter by 2020, allowing the U.S. to provide its allies with a reliable, affordable supply of vital commodities like oil, LNG, and other petroleum products." - Mr. Harold Hamm
RESOURCES:
The Majority Memorandum, witness testimony, and an archived webcast are available online HERE.
